MTC Group sales leap

Kuwait’s MTC Group has reported a 115% rise in consolidated revenues for the nine months to 30 September, to KWD849.2 million (USD2.92 billion). The increase in sales was largely attributable to the acquisition in May 2005 of pan-African mobile operator Celtel and the purchase of cellcos in Nigeria and Sudan, although organic subscriber growth also contributed. EBITDA for the nine-month period stood at KWD416.6 million (USD1.43 billion), up 78% year-on-year, while net income increased 64% to KWD223.2 million (USD767.5 million). At the end of September MTC Group had 24.9 million subscribers in 20 countries, with customer numbers doubling in twelve months. It counted 9.63 million customers in the Middle East and 15.27 million in Africa, including almost six million in Nigeria and more than two million in Sudan, Iraq and Jordan.